As in the past, proposals to raise the retirement age come with an additional reduction in benefits. The effect of increasing the retirement age to 70, for example, would lead to an additional 13 to 15 percent reduction in benefits at 62.
Hereof, can I retire at 55 and collect Social Security?
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
In this regard, why should we increase retirement age?
A key reason for increasing retirement age is to ensure the financial sustainability of the state pension programme. But if a large proportion of the population aren’t healthy enough to work for longer, there may be an increased need for government financial support due to unemployment or disability.